Ukrainian President signs crypto legalization law, full virtual asset market launch incoming

Ukraine’s President already expressed his intent on making Bitcoin legal tender in late 2021, so the cryptocurrency legalization bill just signed into law by President Zelensky comes as no surprise. The adoption of this law was even more so accelerated through the donations estimated at US$100 million coming from all over the world ever since the start of the Russian invasion.

Based on this new law, cryptocurrencies are to become a legal asset class in Ukraine. According to a tweet posted by Ukraine’s Ministry of Digital Transformation,”foreign and Ukrainian cryptocurrencies exchanges will operate legally and banks will open accounts for crypto companies.” There is also an article on the official Ukrainian Government website explaining that the new virtual asset market will be regulated by the National Bank of Ukraine and the National Securities and Stock Market Commission. Additionally, the law determines the list of virtual asset service providers that can be granted permits and the conditions for their regulation and financial monitoring.

The Ukrainian Ministry of Digital Transformation is currently working on amendments to the Tax and Civil Codes of Ukraine for the full launch of the virtual asset market. As noted by the Ministry official article, the new law “is another important step towards bringing the crypto sector out of the shadows and launching a legal virtual asset market in Ukraine.”

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